New pending sales increase 7.8% in October; Inventories up for 25th consecutive month though rate of growth continues to decline
Rockville, MD – (November 10, 2015) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on October 2015 MRIS housing data.
The Washington, D.C. Metro Area housing market continued to see increases in closed and pending sales in October, with pending contracts at the best levels in a decade. Median sales prices were comparable to both last year and last month. Inventories continue to grow, driven by the highest October level of new listings since 2007, but at a continually slowing rate.
There were 3,871 closed sales in October, up 2.3% compared to last year and down 6.0% compared to last month. New contracts of 4,794 were at the highest October level in at least a decade, up 7.8% compared to last year and 0.3% compared to last month. The overall median sales price of $399,000 dipped an insignificant $1,000 or 0.3% compared to both last month and last year. Condos saw median prices rise 0.5% to $305,000, while single-family detached fell 1.6% to $472,500 and townhomes declined 0.2% to $397,250. Compared to last month, condos were up 3.4%, while single-family detached were down 3.1% and townhomes were down 0.7%.
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